Financial Results : Al Arabia profit falls 16% to SAR 148.1M in H1 2024; Q2 at SAR 47.3M

Al Arabia profit falls 16% to SAR 148.1M in H1 2024; Q2 at SAR 47.3M

11/08/2024 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 148.10 million in H1 2024, falling 16% from SAR 175.9 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 606.68 813.14 34.0 %
Gross Income 285.79 345.71 21.0 %
Operating Income 226.60 257.17 13.5 %
Net Income 175.86 148.15 (15.8 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 3.52 2.96 (15.8 %)

This was due to higher operating expenses on the operation of the advertising spaces at King Khalid International Airport, in addition to the financial impact of the full acquisition of Faden Media Co. The company also cited a 155% surge in financing costs compared with H1 2023.

 

However, revenues from both outdoor and indoor advertisements segments leapt by 32% and 93%, respectively.

 

Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 294.32 374.06 27.1 %
Gross Income 142.23 142.17 0.0 %
Operating Income 111.88 98.21 (12.2 %)
Net Income 85.04 47.32 (44.4 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 1.70 0.95 (44.4 %)

Meanwhile, Q2 2024 net profit amounted to SAR 47.3 million, down 44% from SAR 85.04 million in the year-ago period.

 

Sequentially, the second-quarter profit dropped by 53.1% from SAR 100.82 million.

 

Shareholders’ equity, after minority interest, leapt to SAR 1.25 billion by the end of H1 2024, from SAR 971.6 million in the prior-year period.

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